Discount codes and sharp ad campaigns should entice a few new customers, which is good but not great. What solopreneurs truly need and deserve is sustainable growth. That, and life/work balance. Referrals handle both.
Sustainable growth
Let's start with growth part. It doesn't need to be complicated, no matter the size of your business. Simply think as the customer:
When you're looking for the best anything, who do you trust? Your community, of course! Your friends and family who know you and care about you. Whether it's a doctor or a great cup of coffee, your loved ones have your back. This is why word of mouth marketing is king when it comes to growing your small business, it handles the targeting and trust necessary for customer commitment. It isn't sparkly or splashy, but it is how you slowly, steadily and most importantly sustainably grow your subscriber base.
You've likely unknowingly done word of mouth marketing yourself. Ever recommended an up-and-coming restaurant to a friend or given a new helpful app a 5-star review? You probably didn't even realize you were marketing for someone (for free). You just felt the need to share it because you wanted to help someone find a new place, product or service that would better their life. That's what happens when humans find something great, they share! And that's what will happen when you win over the hearts and minds of your subscribers.
Life/work balance
Now that you're excited about word of mouth marketing, let's talk about your time. Keeping up with marketing different parts of your business is exhausting. Which is why focusing on something fruitful and passive like a subscription plan is a good idea, and partnering that with using your existing core community as free brand ambassadors is a great idea. Take some of the work off your already full plate, your community loves you... let them be your marketing department.
Referrals are the way
This is where Subkit's referral program comes in. Referral programs can spark word-of-mouth recommendations by encouraging satisfied subscribers to share your subscription plans with their peers. Subkit is supercharging word-of-mouth marketing for you by incentivizing your community's sharing. You get a new subscriber, they (both referrer and the referred) get a discount on your subscription plan. Everyone wins.
Subkit has done the hard part for you. We've implemented a referral program within our product. You choose the percentage discount and duration of your referral program for both referred and referrer. To make matters even easier, we've done the math so that you know how much value you're giving to your subscribers. The small discounts you're giving referrers and referrals is well worth the additional revenue you'll gain month after month.
Yes, Subkit did most of the work for you, but you'll need to rev up the growth engine a bit, too. However, compared to launch cycles or one-off campaigns the lift is light. Just be sure to share your referral program often in emails, on social and IRL, and regularly remind your existing community to take advantage of their link. Again, everyone wins.
Want to read Subkit's entire playbook on their referral program? Check it out here. More importantly, are you on Subkit yet? Connect with us to see if your small business is a good fit for our free Subscription Success Program.
